Woodside; Noble acquire offshore Gabon block

Australia’s ​Woodside has acquired a 40% participating interest in an exploration, exploitation and production sharing contract (EEPSC) for Block F15 in the Gabon Coastal Basin.

Block F15 is located 140 km off the south-western coast of Gabon and covers over 2,700 km². Water depths range from 2,300 to 3,000 m.

Noble Energy has a 60% participating interest in the EEPSC and will be the Operator. The EEPSC has a seismic commitment and option for future drilling.

Woodside CEO Peter Coleman said the EEPSC was an opportunity for Woodside to secure significant acreage in a high graded emerging oil-prone province with a like-minded and experienced partner.

“This is yet another exciting opportunity for us in Africa, building on recent acquisitions in Tanzania and Morocco,” Coleman said.

“Once again, this opportunity reflects our disciplined and strategic approach to studying regional petroleum systems and is a good fit for our core capabilities in deepwater exploration.”

The PSC includes a 4-year seismic commitment and a future option for exploration drilling. The execution of the PSC represents Noble Energy’s initial entry into Gabon and meaningfully expands the Company’s exploration portfolio.

Susan M. Cunningham, Senior Vice President, Gulf of Mexico, West Africa, and Frontier, said, “The Gabon PSC adds a large and exciting exploration opportunity to Noble Energy’s diversified global portfolio. We look forward to working with the Government of Gabon and our partner on this project, which has the potential to contribute significantly to the economy of Gabon, as well as to the local communities. Several substantial subsalt leads have already been identified on the acreage, and we expect the prospectivity of the block will be enhanced as the work program progresses.”